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renting out your property for the olympics?
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shimmysister


Posts: 125
Joined: Aug 2011
Post: #1
10-04-2012 03:23 PM

We're thinking of doing this. Has anyone been successful and been able to get a booking?

This post was last modified: 10-04-2012 03:23 PM by shimmysister.

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shzl400


Posts: 729
Joined: Oct 2007
Post: #2
10-04-2012 08:03 PM

Colleague at work is doing this - they live in New Cross Gate, so benefit from really good transport links. They don't reckon they are going to make a huge amount of money, once all the fees etc. are paid, but still worthwhile. Lots of hoops to jump through, apparently e.g getting an energy performance certificate, notify mortgagee, insurance etc. They are doing it through an agent - had Foxtons in and mentoned another, but can't recall offhand. Agents reckon not a problem with demand for short lets, even outside Olympics.

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shimmysister


Posts: 125
Joined: Aug 2011
Post: #3
11-04-2012 09:15 AM

thanks for the info. I feel hopeful, but also more aware of things I didn't realise I needed ike EPC's.

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rshdunlop


Posts: 1,111
Joined: Jun 2008
Post: #4
11-04-2012 09:50 AM

It will probably only be worth it if you get a premium rent for the Olympics and your current mortgage payments (if any) are reasonably low. Remember that whatever you make is taxable, but you can usually deduct agent fees and some other costs.

We rented out our house for three years while living abroad and actually made a loss on it by the time we'd paid the mortgage.

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